Gold Rate Today: Gold, silver up in morning trade

Gold and silver were trading higher in morning deals on Monday following s Asian equity markets which eased due to concerns about a potential decline in China’s economic growth amid an ongoing trade war and signs of tighter monetary policy by the US.

MCX Gold futures were trading 0.47 per cent up at Rs 31,995 per 10 gram at around 11.25 am (IST), while MCX Silver futures were trading 0.40 per cent up at Rs 39,074 per 1 kg at around the same time.



According to SMC Global Securities, Gold can take support near Rs 31,700 and can face resistance near Rs 32,000 in MCX, while Silver can take support near 38600 and it has resistance near 39300.

Angel Broking added that IMF cutting global growth forecast, concerns over inflationary pressure and weak dollar are near term push factors for gold prices to rise in the near term. “On the MCX, gold prices are expected to trade higher today,” the brokerage house said.

Latest holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.76 per cent to 744.64 tonnes on Friday, according to Reuters.